Pagcor Revenues Surge, Share to Nation-Building Up by 48.50%
According to local media reports the Philippine Amusement and Gaming Corp. (Pagcor) continued to surpass its revenue achievements after it recorded P36.21 billion in total income in the first half of 2023 — a 35.64 percent increment from its year-on-year figures of P26.70 billion.
The ‘Manila Times‘ reports Pagcor’s revenues for the first half of 2023 were just P2.59 billion, or 6.68 percent short of its pre-pandemic output of P38.81 billion in 2019.
According to Pagcor Chairman and CEO Alejandro Tengco, with the agency’s consistent upward revenue trend, it is highly possible for the state gaming regulatory agency to reach or even surpass its pre-pandemic income by the end of 2023.
“Pagcor will certainly ride on the tide of our country’s economic growth. As economic activities reach pre-pandemic levels, we are optimistic that we can sustain the gaming industry’s growth momentum as we fortify our regulatory policies to attract more investors in the Philippines,” he said
Pagcor’s January to June revenues showed that income from gaming operations and regulatory fees from licensees — which amounted to P34.12 billion — remained the biggest contributors to the agency’s remarkable revenue performance. Said amount was 38.03 percent higher compared to the P24.72 billion earnings in the previous year.
“With the finetuning of our regulatory policies, we believe that the Philippines will become a more attractive gaming and entertainment hub both for investors and guests,” Tengco added, saying that as one of the biggest contributors to national coffers, it is not dependent on any government appropriation or subsidy.
“It is in fact the other way around, as Pagcor remits close to 70 percent of its revenues to the government in the form of direct remittances to the national coffers and through its other mandated contributions,” he stressed.
Because of its remarkable revenue performance during the first half of the year, Pagcor’s contribution to nation-building also rose by 48.50 percent — from P15.23 billion in the first half of 2022 to P22.62 billion this year.
SOURCE: The Manila Times.Tags: Pagcor, revenue 1H 2023, Alejandro Tengco